Important information This presentation and its appendices (together the Presentation) have been prepared and delivered by North Energy ASA (North Energy or the Company). The Presentation is prepared for information purposes only, and…
Agenda Q1 highlights Main events after Q1 Next wells Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 3 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no www.northenergy.no
Q1 highlights Three new licenses in APA 2009 30% interest in PL 518B in the Barents Sea 20% interest in PL 564 in the Barents sea 10% interest in PL 562 in the Norwegian Sea IPO and listing on Oslo Axess Equity strengthened by NOK…
Agenda Q1 highlights Main events after Q1 The Fogelberg discovery NPD report on Lofoten and Vesterlen Barents Sea agreement Licenses to be drilled Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 5…
Fogelberg Discovery in first well The Fogelberg discovery In March, North Energy struck gas/ condensate in PL 433 (12%) in the Norwegian Sea Preliminary resource estimate is between 19 and 94 million boe, according to the NPD…
Fogelberg Pre-drill resource estimate Stacked reservoir model Anticipated model before drilling Stacked reservoirs are common in the area; Morvin Kristin Smrbukk Smrbukk satellites Fogelberg was seen as a justified case for…
Fogelberg Post-drill resource estimate Tank reservoir model Interpreted model after drilling Based on well data, the discovery is interpreted to be a tank reservoir North Energys own analysis based on Fogelberg being a tank…
Fogelberg key findings and next steps Preliminary conclusions Key uncertainties and next steps Discovery of hydrocarbons, most Uncertainties expected to be clarified probably gas and condensate in ongoing lab analysis: Gas/liquids…
Lofoten Study confirming upside NPD resource estimate Based on seismic acquired outside Lofoten and Vesterlen, the NPD has made a resource estimate for the area: 1,3 billion boe with an uncertainty span from 0,5 to 2.4 billion…
Barents Sea Boundary agreement with Russia In April this year, Norway and Russia agreed on the boundary line in the Barents Sea The disputed zone is split in two approximately equally large parts Norways original claim was based…
Barents Sea Implications for North Energy The industry believes that the area hides vast volumes of hydrocarbons most likely gas Huge structures have been identified However, significant geological risk North Energy is an arctic…
Barents Sea The formerly disputed area is part of our long term strategy Phase 1 Acreage positions in known play models close to infrastructure in the Norwegian Sea and the Barents Sea High rate of discovery Short lead time to…
Agenda Q1 highlights Main events after Q1 Licenses to be drilled Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 15 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
Exploration program Operational targets North Energys exploration program North Energy is fully funded to drill an Well Prospect Licence Interest 2010 2011 2012 eight well exploration program in the 1 Fogelberg PL 433 12 % February…
Trap models in the North Energy license portfolio License Equity Prospect/lead Trap model Reservoirs PL 385 15 % Jette Stacked 4 PL 498 25 % Skagen Tank 1 PL 503 25 % Valberget Tank 1 PL 510 20 % Toto/Dorothy Stacked 4 PL 518 30 %…
Jette second firm well in 2010 PL 385 in the Norwegian Sea Acquired 2009 Main prospect Jette Operator Statoil (45%) Hydrocarbons Gas Cond. Partners North Energy (15%) Expected drilling Q4 2010 Wintershall (20%) Prob. of success 37%…
Agenda Q1 highlights Main events after Q1 Licenses to be drilled Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 19 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
Profit & loss 1Q 4Q 1Q Year MNOK 2010 2009 2009 2009 Payroll 17,4 17,7 11,5 62,4 No increase in manyears vs 4Q/2009 Depreciation 0,9 1,9 0,5 3,4 Exploration expenses 13,5 24,1 11,4 113,1 Drilling costs PL433 capitalised Other…
Solid financial situation Cash balance of NOK 289 million Expected tax reimbursement of NOK 233 million No interest bearing debt NOK 300 million exploration loan facility with SEB available Net cash position of NOK 522…
Agenda Q1 highlights Main events after Q1 Licenses to be drilled Financials Outlook North Energy ASA, Markedsgata 3, Alta, Norway. 23 Phone: (+47) 78 60 79 50 Fax: (+47) 78 60 83 50 E-Mail: postnorthenergy.no…
Outlook Near term Preparing license applications for the 21st round and APA 2009 Pursuing farm-in opportunities to secure third well in 2010 Evaluating results from the Fogelberg discovery to determine next steps Preparing for…
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